Davis Polk advised the representatives of the several underwriters in connection with concurrent SEC-registered offerings by PG&E Corporation (“PG&E”) of 423,372,629 shares of its common stock and 14,545,455 of its equity units, for total net proceeds before estimated offering expenses of approximately $3.968 billion and approximately $1.186 billion, respectively. The common stock is listed on the New York Stock Exchange under the symbol “PCG.” PG&E intends to apply to list the equity units on the New York Stock Exchange under the symbol “PCGU.”

Davis Polk also advised the joint bookrunning managers on SEC-registered offerings by PG&E of $1 billion aggregate principal amount of 5.000% senior secured notes due 2028 and $1 billion aggregate principal amount of 5.250% senior secured notes due 2030 and by Pacific Gas and Electric Company (the “Utility”) of $500 million aggregate principal amount of floating-rate first-mortgage bonds due 2022, $2.5 billion aggregate principal amount of 1.750% 2022 first-mortgage bonds due 2022, $1 billion aggregate principal amount of 2.100% first-mortgage bonds due 2027, $2 billion aggregate principal amount of 2.500% first-mortgage bonds due 2031, $1 billion aggregate principal amount of 3.300% first-mortgage bonds due 2040 and $1.925 billion aggregate principal amount of 3.500% first-mortgage bonds due 2050.

The collective offerings are part of PG&E’s emergence from chapter 11 on July 1, 2020.

PG&E is a holding company headquartered in San Francisco. It is the parent company of the Utility, a public utility providing natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in northern and central California.

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten and associates Hillary A. Coleman, S. Elizabeth Kim and Roman Shapurko. The equity derivatives team included partner Mark M. Mendez and associates Joseph Luizzi and Stockton Bullitt. Partner Brian M. Resnick and associate Adam L. Shpeen provided restructuring advice.

All members of the Davis Polk team are based in the New York office.

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